Assembly Biosciences (ASMB) Stock Slumps To New Low: Where is The Bottom?
One of the stocks that suffered last week was that of Assembly Biosciences Inc (NASDAQ:ASMB). The clinical stage biotech firm saw its stock decline by as much as 10% amidst a selloff. In this regard, it might be quite worthwhile to take a look at an announcement made by the company on Friday.
The company announced that it granted stock options to three of its new employees. It was revealed that the three employees are going to have the option of picking up a total of 21520 shares in Assembly Biosciences’ common stock at an exercise price of $3.82 a share. That was the closing price of the company’s stock this past Thursday.
The stock options were part of the material inducements that were offered by Assembly Biosciences so that these employees actually joined. The options have a term stretching 10 years and can be vested every four years. While it was a good thing for the new employees, the news did not seem to particularly impress the investors and the stock continued to slide on Friday. It is now going to be interesting to see if the Assembly stock can make a comeback on Monday. Investors could consider keeping an eye on it.
Market Reaction:
On Friday, ASMB stock went down 4% at $3.67 with more than 3.52 million shares, compared to its average volume of 1.11 million shares. The stock has moved within a range of $3.6200 – 3.8400 after opening the trade at $3.83. Over the past 52-week, the stock has been trading within a range of $3.6200 – 27.8400.
